‘Roti, Kapda aur Makan‘ ( food, clothes and shelter)are basic requirements for an individual to survive. It is a known fact that most of us would like to own a home. Owning a home is one of the cherished dreams for many of us.

But due to high land prices and high cost of construction, an average Indian always feels short of funds for his dream home when he ventures into the property market. So, home loan is the only preferred option for a majority of home buyers.

The eligibility to get a home loan is mostly dependent on the income levels. So, if your income is very less (salaried or self-employed), it is very tough to get a home loan from a lending institution or a bank.

There is no need to mention separately about families falling under LIG (Low income group) or EWS (Economically Weaker Section). They just cant afford to buy a home.

To ensure that families (who live in urban areas) get a affordable housing solution, the central govt has launched a scheme called Pradhan Mantri Awas Yojana(PMAY – Urban) in May, 2015.

Subsidy for beneficiary-led individual house construction or house enhancement or renovation

PMAY – Features & Eligibility rules

Below are the eligibility rules and key features of the scheme;

Who can apply for Pradhan Mantri Awas Yojana scheme? – A beneficiary under PMAY has been defined as:

A family comprising of husband, wife and unmarried children

Beneficiary should not own a pucca house either in their name or in the name of any member of their family in any part of India to receive central assistance under the Mission &

Meeting income criteria defined under the scheme.

What are the income norms (criteria)? Who is eligible for PMAY? – The income norms for EWS / LIG categories are defined as follows:

EWS households with an annual income up to Rs. 3 Lakh.

LIG households with an annual income between Rs. 3 Lakh to Rs. 6 Lakh.

Middle Income Groups (MIG) which fall under the bracket of annual incomes of above Rs 6 lakhs to Rs 18 lakhs are eligible for interest subsidy on housing loans under the new Credit Linked Subsidy Scheme (CLSS). (latest update : 24-March-2017). People whose housing loans have been approved and whose applications are under consideration since January 1, 2017 are eligible for subsidy under MIG – CLSS.

Latest Update(22-Sep-2017) : Interest subsidy scheme on home loans under MIG category has been extended from 31st Dec, 2017 to 31st March, 2019.

Latest Update(02-Jan-2019) : Interest subsidy scheme on home loans under MIG category has been extended from 31st Dec, 2019 to 31st March, 2020.

What is Credit Linked Subsidy Scheme? – One of the main aims of PMAY is to provide subsidy on home loans taken under this scheme. Below are few details about the subsidy scheme;

If the loan amount is less than Rs 6 Lakh then interest rate on loan is charged at 6.5% to the beneficiary. To avail this subsidy, the loan tenure has to be less than or equal to 15 years.

If the loan amount is more than Rs 6 Lakh, the interest rate of 6.5% is applicable on loan amount of up to Rs 6 Lakh and the remaining balance loan amount will be subject to normal prevailing market rates. For example : If you apply for home loan under PMAY scheme for Rs 10 Lakh, up to Rs 6 Lakh the interest rate is charged at 6.5% and the balance Rs 4 Lakh is charged at prevailing interest rates by your bank or lending institution.

If home loan amount is up to Rs.9 lakhs then the beneficiary will get home loan interest subvention / rebate of 4% per annum. This means if the prevailing interest rate is 10% then the home loan will be provided at 6% interest rate. (updated on 02-Jan-2017)

Similarly, if the home loan amount taken in 2017 is up to Rs.12 lakhs then the beneficiary will get home loan interest subvention of 3% per annum. This means if the prevailing interest rate is 10% then the home loan will be provided at 7% interest rate.

In villages, those wanting to build or expand their homes will get loans of up to 2 lakh, with a 3% interest relief.

How much subsidy will I get? –

It would be computed at a rate of interest of 6.5% p.a on a maximum loan amount of Rs. 6 Lakh or the loan amount whichever is lower, for 15 years tenure with discounting rate of 9%.

For 6 Lakh the interest subsidy comes to around Rs. 2,20,000.

Hence an upfront subsidy of Rs. 2,20,000 would be claimed by your bank from NHB (National Housing Bank) and the same would be adjusted against the outstanding amount in your Loan Account.

The loan outstanding would reduce and result in lower EMI of approximately Rs. 2,000 for you. (Kindly click on the below image to calculate your subsidy amount.)

Illustration– If you avail a loan for Rs. 8 Lakh then the maximum subsidy works out to Rs. 2,20,000. The amount Rs. 2,20,000 would be reduced upfront from your loan account (i.e., the loan would reduce to Rs. 5,80,000)and you would pay EMIs on the reduced amount of Rs. 5,80,000 only. (Kindly note that 6.5% is the rate of interest up to Rs 6 Lakh & prevailing rate is charged for the remaining Rs 2 Lakh.)

Do I have to give any additional documents to avail this subsidy? – No, there is no additional documents except a Declaration of not owning a pucca house. If you do not have any income proof then you are required require to submit an Affidavit.

What is the rate of interest on home loan under PMAY? – As mentioned above, the rate of interest is 6.5% for the loans up to Rs 6 Lakh. Any amount which is over and above this limit will be subject to normal market interest rates.

Should I buy a house which is provided under PMAY only? – The Govt is planning to build around 2 crores of affordable houses by 2022 in a phased manner. You can apply for a house which is provided under this scheme (or) you can buy a house from a project (pvt) where 30% of affordable houses in the project are ear-marked for EWS category (or) you can build your own house or renovate the existing house.

What is the maximum loan amount that I can apply? – As such, there is no loan amount limit under this category of loans.

I have one own house. Can I apply for second house under PMAY? – No, you can not apply for this scheme.

Latest News(25-Jan-2018) : GST for homes purchased under the Credit Linked Subsidy Scheme (CLSS) would be 8% w.e.f 25th January, 2018. For under-construction homes that form a part of CLSS will now be charged GST at 8 percent instead of 12 percent, a cut of 4 percent. However, people who are not eligible for CLSS will continue to pay higher GST.

The concessional rate of GST of 12 percent (effective rate of 8 percent after deducting one-third of the amount charged for the house towards the cost of land) will henceforth (from January 25) be applicable for houses constructed or acquired under the CLSS for Economically Weaker Sections (EWS) / Lower Income Group (LIG) / Middle Income Group-1 (MlG-1) / Middle Income Group-2 (MlG-2) under the Housing for All (Urban) Mission/Pradhan Mantri Awas Yojana (PMAY Urban).

How to apply for PMAY Scheme? How to get Home Loan Subsidy under Awas Yojana?

If you meet the above income norms of EWS / LIG (or) if you are a slum dweller, you can apply through the following modes;

Govt’s PMAY portal : You can submit online application to buy a house provided under PMAY Scheme in your locality. Below is the procedure;

If you belong to EWS or LIG category then click on ‘benefit under 3 components’ and submit Format-B application.

Kindly save the reference number or application number for future use.

You can track your application status by clicking on ‘track your application status’.

You can also search for your name, whether it is in the beneficiary list or not.

CSC Centre : You can also apply for a house under PMAY at any of your nearest CSC centre (Common Services Centers). Click hereto locate a CSC centre. (This facility has been launched on 02-Nov-2016)

State Land Nodal Agencies : Another option is to apply through any ‘Nodal Agency’ designated by the State Governments for implementing the Mission.

How to apply for Home loan Subsidy under PMAY? (Credit linked Subsidy Scheme)

Let’s say you meet the income norms and other eligibility criteria, have applied for a house under PMAY, and you have been allotted a house. What if you do not have the money to buy the house?

(The States/Union Territories would decide on an upper ceiling on the sale price of EWS houses in rupees per square meter of carpet area in such projects with an objective to make them affordable and accessible to the intended beneficiaries.)

Under such a scenario, you can apply for a home loan under Pradhan Mantri Awas Yojana Scheme and can get the subsidy. You can also apply for a home loan to construct a new house or renovate your existing house.

You can apply for a loan through any Scheduled Commercial Banks (like SBI, ICICI Bank, Canara Bank etc), Housing Finance Companies, Regional Rural Banks (RRBs), State Cooperative Banks, Urban Cooperative Banks or any other institutions as may be identified by the Ministry.

Below is the detailed flow-chart on how the home loan application under PMAY is processed and how the subsidy amount is credited to your loan account (beneficiary account).

(Kindly note that you can avail the subsidy of Rs 1.5 lakh for construction of new houses under the mission. You have to approach your Urban Local Body to avail the subsidy. Families belonging to EWS categories are eligible for this assistance.)

My Opinion: If the houses provided under this scheme are of good quality with the basic amenities, and if the subsidy amounts are claimed by the deserving families then Pradhan Mantri Awas Yojana can be a successful scheme and the mission of ‘housing for all’ in urban areas can be accomplished in the next few years.

Latest news (31-December-2016) : PM Narendra Modi announces new Housing Schemes with rebates/discounts on Home Loan interest rates under Pradhan Mantri Awas Yojana (PMAY). Two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Home loans of up to 9 lakhs, will get a 4% interest benefit. For home loans of up to 12 lakhs, an interest rate waiver of 3% will be provided. In villages, those wanting to build or expand their homes will get loans of up to 2 lakh, with a 3% interest relief.

Latest update(22-June-2017) : EPFO (Employees Provident Fund Org) & HUDCO (Housing & Urban Development Corp)plan to tie up for providing housing subsidy to members of EPF Scheme, under PMAY. As per the recent notification, EPFO now allows its subscribers who want to buy a house property from Housing Societies / Agencies to withdraw up to 90% of their EPF accumulations to buy homes.

(Image courtesy of atibodyphoto at FreeDigitalPhotos.net) (Post published on : 03-November-2016)

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Sreekanth Reddy

Sreekanth is the Man behind ReLakhs.com. He is an Independent Certified Financial Planner (CFP), engaged in blogging & property consultancy for the last 9 years through his firm ReLakhs Financial Services . He is not associated with any Financial product / service provider.
The main aim of his blog is to "help investors take informed financial decisions.""Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

Sir, I tried applying for PMAY by clicking first on ‘citizen assessment ‘ then ‘benefit under other 3 components’.

I got a page saying enter Aadhar number and name printed as on aadhar ,after I entered the correct Aadhar no. Without space and name correctly it was showing the same new page even after many trials (though my Aadhar no. Is correct). Sir, can you please suggest me how can I proceed further?

I have purchased a House with Homeloan from HDFC.In this my brother is co-owner and we both are married.But neither we nor our wife own a property in any part of India.This is the first property we own. Are we eligible for PMAY?

Hello Srikanth Reddy…i have seen many people who belongs to a wealthy family but still applying to get the PMAY URBAN HOUSING scheme. So i would like to know that is it possible to get the scheme by a government employee wife or husband who have already have a pucca or brick houses…if no where or how should i complain…im asking this becos our local MLA and local agents are not complying the eligibility of the scheme…thanks.

i have applied for loan amount 30 lakhs with Axis Bank. Loan applied on my name & co applicant as Father ( Axis bank says co applicant is mandatory) i falls under An unmarried independent person (female /male earning person) may be considered as a separate household but my father name is added in loan account. Do i eligible for PMAY ? Salary structure is MIG 1 below 12 lakhs

i applied for subsidy but got rejected saying that family reason not satisfied. My home registered only on my name. however in MIG 1 family definition says “A family comprising of husband, wife and unmarried children” Axis bank guys are also not clear & day by day i am getting different information.

Hello, I tried applying for pmay by clicking first on ‘citizen assessment ‘ then ‘benefit under other 3 components’.

I got a page saying enter Aadhar number and name printed as on aadhar ,after I entered the correct Aadhar no. Without space and name it was showing the same new page even after many trials (though my Aadhar no. Is correct).Can anyone please suggest me how can I proceed further?

1.Is it mandatory to apply for PMAY via the lender bank at the time of applying for loan? 2. I have applied for loan 2 days back so can I apply for PMAY via that government website for the same? 3. The account information in website, is that the salaried account or loan account? If am applying personally how can I get the loan account number as loan approval is still under process?

Dear Deepak, 1 – It is not mandatory. But, if the loan applicant is eligible for PMAY then why not to apply and take the benefit of available Subsidy. 2 & 3 – I believe you can. You may also check with your Banker/Lender.

Hello, I tried applying for pmay by clicking first on ‘citizen assessment ‘ then ‘benefit under other 3 components’.

I got a page saying enter Aadhar number without space ,after I entered the correct Aadhar no. Without space it was showing the same new page even after many trials (though my Aadhar no. Is correct).Can anyone please suggest me how can I proceed further?

Sir. I recently bought a under construction 2 bhk flat in Kolkata which is 750 sq ft .I took a loan from sbi and loan was sanctioned on oct 2017 but before sanctioned I know that pmay clss money may received after registration of my flat but my flat registration already done .then I m trying to fill pmay form&SBI pmay form also but I can’t do this. Then what can I do plz help me .my registration held on 5 the June…

Hi, I took the loan with LIC HFL and we applied for PMAY while applying the loan. Its been 6 months and I did not get benefited. When I check with regional branch they also doesn’t have the information. Is there any way to get the status?

Dear Ganesh, I believe that LIC HFL has to provide you the required assitance. In case, they don’t, just let them know that you are going to switch the home loan balance to some other lender, then they may provide you the required support.

I have few questions on this. Any Information on this would be of great help for me. We have purchased a home.Agreement of sale and Construction aggreement is done and paid 20% of the property value to the seller. As we are buying from the owners share he is saying that we have to pay 12 percent GST on the Government value for that property. When I showed all the proofs Regarding the slashed GST rates(8%) for applicants under PMAY, he is not accepting and he is demanding 12%. Unfortunately, we have to pay GST to the flat owner here not to the Govt directly. Please suggest how to procced further on this.

One more thing is that shall I apply for PMAY just after the aggreement before the flat registration.What could be right time to apply for PMAY?

Hi Sreekanth… I tried to check the eligibility for pmay by entering aadhar number. But when I click on ”Check” button nothing happens. The page just reloads. Do you have any clue? Also, my loan is approved and EMIs are started from Aug 2016. Am I eligible to opt for pmay if I belong to MIG2 Group?

I purchased under construction property, flat is below 60 Sqm in oct 2016, Pls let me know for lower income group, form 16 which income is considered, total income or gross income ?, Which income will be considered, at the time of loan approving or latest?

I would like to apply for PMAY in MIG I class. For this i brought new flat, registration where done in one month before. In my registration document my wife name is not available. Is it possible I can apply for PMAY in MIG I class? Remaining all criteria fits for me.

Hi Sreekanth, How can i cross check the area is covered under PMAY scheme or not? Bank is saying Phursungi is not covered under Pune city.

I have purchased flat in Phursungi area which will be officially come under pune corporation by December 2017. At the time of purchasing flat HDFC agent said yes the property is eligible for PMAY and now branch officials are saying as of now it’s not covered under Pune city.

What should i do in this situation? any advice or your expertise will be appreciated?

Dear Prashant ..If you are sure that it is under Urban area, you may just let them know that you would like to transfer the home loan from HDFC to some other bank, mostly they will respond to you positively!

Hi Sir, We have few people purchased (April 2017) Flat in Bangalore and loan from SBI max gain. As per bank staff, max gain loan is not eligible for PMAY. They are not ready to submit our application to Govt. Is it true SBI max gain not covered under PMAY?

If no, Do I have any options to submit my application directly to the government? If yes, can you please help us.

Dear Harish, As per SBI website – Home Loan under this scheme will be available only by way of term loan (no maxgain facility will be available) with a maximum tenor of 30 years. However, subsidy is available for a maximum tenor of 20 years only.

Hello sir, Thank you for such informative article. I have been sanctioned housing loan form Union Bank of India in MAY 2017. Later I found that I was eligible under PMAY MIG I group. I enquired through my lender and they told that my Loan account is tagged under PMAY. But I haven’t got CLS yet. How could I track my application status as I have no info related to my application as lender says that they have already tagged it under PMAY. Please help in this regard how could I follow up for my application.

Dear Vikas, If your loan account is linked to PMAY, your outstanding principal amount would have reduced by couple of lakhs (if subsidy amount has been credited to your loan account). So, suggest you to look into your home loan statement. You may visit PMAY official govt website and check if your name (beneficiary) is there in beneficiary list.

Dear Sir, I am approaching to Bank for getting loan.The Bank to whom i have approached is co-operative Scheduled Bank in Maharashtra & is not in the list of PMAY nominated Banks.Shall i proceed with this Bank and How i get the Benifit ?

I took a loan this year and i am eligible for MIG- II category. I did not apply for PMAY earlier. Can i do it now? Also, if i transfer my loan to another bank, can i apply for PMAY subsidy along with that?

I have taken loan in Nov’2016 and falls into MIG II group. house is registered on my wife name and she is home maker and I am paying EMI. while applying loan I haven’t opted for PMAY,is it possible now to apply and get exemption.

Your blog is so helpful for PMAY. I have taken home loan from SBI this month and got disbursed on 03-10-2017. So Now Can I apply for PMAY Subsidy or Do I need to take care of this while processing the loan? Please suggest me.

Hi My name is Vinayak Bhagat, I have bought new home recently in March. with home loan around 19.50Lacs. Its my very first home. Living in pune since 40 years.

My loan finance executive said that I am not eligible for the subsidy as I haven’t provided rent agreement while processing the loan .

Could you please tell me that is it necessary to provide it, as I am not able to provide it as I was living in a home at owners place and he didnt take rent as we were working at his place as maid , in retrun we were living at his place. Please advice.

My loan amount is 19.50 lacs. My annual income is 6.50 LPA. In hand income is 5.76 LPA. its my first home. Please let me know about eligibility too. The loan was sanctioned in Nov- Dec 2016. and EMI started in Dec16-Jan17. am I eligible?

Dear Vinayak.. I believe that you fall under MIG-1 category. People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS. Interest subsidy scheme on home loans under MIG category has been extended from 31st Dect, 2017 to 31st March, 2019.

So, looks like you may not be eligible to get the subsidy. However, suggest you to kindly contact your lender (customer care) directly instead of contacting the Loan agent.

HI I Took home loan in October 2016 of Rs.18.5lacs Is there any chance to get Credit Linked Subsidy scheme my flat total super area is 1500sq ft and carpet area is around 1140 sqft. My annual income is below 4lacs and i do not have any other pucca makaan.

HI I Took home loan in Dec 2016 and it was sanctioned and disbursed in Nov & Dec 2016 of Rs.38 lacs Is there any chance to get Credit Linked Subsidy scheme my flat total super area is 1235 sq ft and carpet area is around 900 sqft (83.62 sq mtr). Please tell my annual income is below 12 lacs and i do not have any other pucca makaan

Dear Canjeet, You meet all the eligibility criteria under MIG-1 category. But, People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS. So, suggest you to just check with your lender on this.

Dear sir At first I would like to congratulate for this wonderful help .

I had taken housing loan from CENTRAL BANK OF INDIA in 2017,now only i came to know about PMAY,now i tried to apply through online but aadhar num is not showing there,how can i proceed furthur,I have already linked my aadhar number with bank.Waiting for your valuable replies

I’m applying for Home Loan for a flat in CGEWHO Greater Noida project which might be completed in Dec. 2020. I’m fulfilling all other criteria like ‘Do Not have any Pucca House’, ‘Carpet area of CGEWHO House will be within defined limits’, Annual Income is also within defined limit of CLSS II scheme for MIG of PMAY’. Am I eligible to get Interest subsidy on my loan or only those projects which will be completed by 2019, as per latest circular in this regard, are covered. Kindly clarify.

I got my home loan in Feb/Mar 2017. My income fall under MIG II That time this scheme was not covered MIG I and II. So I did not applied for PMAY-CLSS . But my loan is approved under Affordable housing loan scheme.

Hey Shrikant, Thanks for very quick comment, My Banks says under MIG-I, income group should be 6-12lacs and max carpet area should be maximum 90SQM. My income group is under MIG-I but house carpet area is 100sqM.

Dear Ashfak ..Your income falls under MIG category. People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.

Dear Sreekanth, Many thanks for this informative blog on PMAY. I have few queries on PMAY. My bank which provided me loan is not able to respond my query so need your help. I have booked a flat recently which is ready possession and loan is also approved in feb-2017 and disbursement is under process as of now. Carpet area of this flat is 850 sft. Our total household income in 17.5 Lac per anum. Myself is primary and my wife is co-applicant in the sale agreement. PreEMI also started from Aug 17 and possession is in by Nov 2017. We don’t own any home before this.

Is I am eligible for CLSS subsidy under PMAY. If yes, how i can avail that .And how much subsidy will I get. My total loan is of 64 Lac. I am not sure if the flat i booked is under PMAY scheme or not. Request your help . Pls suggest the forward path please.

Dear shashikant, As your income falls under MIG category, you can get the subsidy. Kindly visit this link, to know the applicable subsidy amount. You can visit the PMAY portal and click on ‘search beneficiary’ to know if your loan has been submitted under PMAY or not.

Dear Sreekanth, I am a regular reader of your blogs. I have few queries on PMAY and bank which provided me loan is not able to respond with clarity. I have purchased a flat recently and loan is sanctioned for the flat in this month Sept 17. Myself is primary and my wife is co-applicant in the sale agreement and PreEMI has started from Sept 17 and possession is in next year July. Our combined house hold income is just > 18L per year and carpet area is within the limits and we don’t own any home before this. During registration (which I am planning in next year), can I get flat registered only on my wife name and then claim the scheme benifits ? Do you think this would work? Kindly reply.

Dear Vikra, I believe that they consider house-hold income as an eligibility condition and not just an individual’s income.. so if your total household income is above Rs 18 Lakh, and even if your spouse alone applies for a home loan, I guess subsidy under PMAY may not be possible…

in 2009 my father purchased a flat. Due to less income of my father, I was made as coapplicant in loan and flat registry. Now I am looking to purchase a flat for myself, can I apply for pmay for loan subsidy.

Dear Vikas, Beneficiary should not own a pucca house/flat either in their name or in the name of any member of their family in any part of India to receive central assistance under the Mission.. So, you may not be eligible to get the subsidy under PMAY.

Hi Srikanth, I have recently finished my documentation(already sanctioned) for home loan via sbi for a flat.Later when I enquired regarding PMAY the officials said that carpet area should be mentioned in sale agreement else they cant help me with PMAY.Is there any alternative to avail the benefit? Note:As per terms of PMAY I am eligible for this scheme

Sir, I got DDA LIG flat in Draw on January 2015 under DDA Housing scheme 2014. later my loan sanctioned in May 2015. Requisite amount have been paid to DDA in May 2015. However PMAY scheme is applicable from 17/06/2015. But I paid stamp duty in January 2017 and got physical possesion of flat in March 2017. Am I eligible to get subsity? What would be the procedure in my case?

Dear sir, I taken a home loan in July 2016 and my income is 7 lag as per the revised policy of play I am not getting any benefit of these the other banker told me that do your loan balance transfer in our bank you will get these benefits but my current bank is denying for the same so I request you to please help me in this.

Dear Mahesh..Your income falls under MIG category.. People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.

I have taken loan from union bank of India in August 2014, I just wanted to know that according to this subsidy scheme I am eligible for this scheme or not, if eligible than please tell me the procedure that how can I apply, thanks

Dear Joheb..It depends on which category are you going to apply for.. For ex : People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS. For EWS & LIG, this may not be applicable, kindly check with your banker.

Dear shrikanth, i”ve read all your answers for question.! i have few confusion.! My annual Income is 3.8 lac my retired father”s annual income is 3.4lac so our full family income is 7.2 lac approx. My father own House nd i want to applly for pmay scheme as i”m single can i apply for it umder wchich category i fall? mig-1 or LIG.!!? if i come under LIG than i have to provide woman name As owner thn can me n my mom file It for PMAY scheme ?? so clear Me that in which category i should go MIg-1 or LIG?? thank You

HI, Recently I have purchased ready possession flat.I’m unmarried working girl.my income is less than 12 lacs, flat carpet area is 625 sq feet. whether I’m eligible for PMAY-CLSS Scheme ? If yes, while submitting documents to bank, should I submit pancard & adhar card of family member or only my pancard & adhar card.

I am Durjoy Kumar taken loan on 21.02.2016 sanction value=2250000 from BANK OF INDIA & already disbursed amount of rupees 1850000,now today I have came to know that PMAY is a govt. subsity option.now may I go for this PMAY? My EMI started on 30.07.2017.I have paid only two EMI.Now Please suggest me Sir. My income per annul=645000 (f-17-18) & when I was taken loan on 16-17 then my annual income was rs.480000

My home loan got sanctioned in jan 2017 from ICICI bank… When I approached them for subsidy under PMAY, they are saying that it is applicable for only new loans.. can you please clarify of there is a clause of new loans or not? Thanks in advance

Dear Vinay.. If you fall under Middle Income Group category then yes… People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.

My loan was disbursed 2 months back from SBI bank and while loan application I was informed that I’m eligible for 2,35000/- as subsidy and accordingly filled the PMAY form and submitted to bank. Need to understand when subsidy will be credited in my account as facing difficulty even to get Assessment ID no. also, tried to track with my PAN card/Aadhaar card in PMAY website, but unfortunately failed to do so.

Please suggest way-forward in order to avail benefit of subsidy for which I’m eligible and not getting support from bank.

Dear Ajay, Kindly check your home loan statement, if subsidy has been credited then you would see a reduction in loan outstanding amount. If your lender is not providing the details, just let them know that you are intending to transfer the loan to some other bank, mostly they will respond to you promptly!

I had a home in my native and same has been transferred to my wife’s name in 2 months ago. I have purchased a flat in Bangalore in Feb 2017, wherein i am main owner and my wife is co applicant. My annual salary – 14lac/annual

Am i eligible for the PM’s CLSS & MIG group as i have only one name in my name?

I am purchasing a resale flat and am meeting all the criteria for PMAY but the banks are telling that PMAY is not applicable since it is a resale flat. Is PMAY applicable on resale flats. requesting you to please clarify.

Dear Anand .. (Kindly ignore my previous comment, which you would have received by email). There is no clarity on whether PMAY is applicable for resale properties or not. I have just noticed on net that PMAY applications can be made for Resale property as well…

What is the last date to apply for PMAY under EWS/LIG. As my friend is saying that 08/07/2017 is the last date to apply for this. is this correct? I have checked all the information on the PMAY Website but I did not found any information related to this. Please reply on this. it would be helpful to me.

I have taken a loan in June 2017 from ICICI bank and wish to avail pmay benefit and meet all eligible requirement, however bank refuse to consider my application saying that loan has been taken for under construction property and PMAY not applicable on Under construction property. I have read all the terms and condition but could not find anywhere it is written it is not applicable on Under construction property. Please let me know what banker is saying correct or not.

My monthly income 13000/- , I don’t own a home however, I inherited a land and my father is retired Govt.Employee. Am I eligible for PMAY subsidy under EWS? I tried entering online application pmay.gov.in, in Citizen Assessment , other benerfits, after entering Aadhar to check, online application doesn’t show up. How do I fill in online?

We have already purchased a flat getting possession of the same in 2016. The home loan is going on. My husband who is a loan bearer is a Bank staff from the same bank we have got the staff loan. Though it’s our first home and both me and my husband are owners, are we entitled to get the subsidy?

Gd mng sir, Am a govt employee. My elder brother also govt employee. We are lived in urban area. Now We constact a new house jointly. and we are taken a homelone in a APGVB BANK in October2016. My annul income is around 5.5lacks.my brother’s income is also same. Now we are eligible to PMAY scheme

hi sir i bought the flat last year and got loan from bank of maharashta, i am eligible for LIG category. but i did not get any kind of intimation from my bank regarding this scheme can provide me the procedure how to apply for this scheme and can i apply for this scheme directly. forwarding the application to govt instead of via bank

Dear Prabhavati .. You fall under Middle income group. People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are only eligible for subsidy under MIG – CLSS. However, you may re-check with your banker/lender.

HI Srikanth, I am a Govt Employee under LIG (5.4lakh PA), I have purchased a Flat in Urban on my wife’s name for 23L on May 2017 with a 896 Sq.Ft (incl plinth+common corridor+parking) area by Home loan. As per criteria: for LIG – 60 Sq.Mt eligible, but my flat comes to around 84 sq.mt which falls under MIG I My income will fall under MIG I for the next FY.

Can I avail CLSS, PMAY in current FY with LIG with 84 Sq.Mt or Can I avail PMAY in next FY to meet income criteria for this loan/Flat.

Dear Sir, Iam owning a house at navi Mumbai free from loan since then my parents are staying there,as my job is a transferable in nature,i stayed in various parts of country and now iam staying on rent at navi Mumbai.Now iam planning to purchase one more house at Karjat,can I avail PMAY.

I have puchased flat which cost is rs.23 lakhs and loan taken 16 lakh from ICICI bank in may-2017 with 8.35 % interest for 15 years and my gross income is 6.5 lakh p.a. In agreement women name is included, my & my wife’s name and my loan has sanctioned with PMAY (MIG) and it’s my first home. Can I get subsidy ? if yes how much?

I have taken a loan of Rs.16 lacs as a co-borrower with my mother (actual plot on my mother’s name) in nov.15 & my annual income less then 3 lacs. we are a joint family including my brother’s family also, where we have a another home in same city on my father’s name (400 sq. ft.). In this condition can I eligible for subsidy ?

i have purchased a flat of 1000 sq ft carpet area in Nagpur. My income is less than 18 lacs. there is no co owner in the house or co borrower in loan. I have applied for loan of 55 lacs with HDFC Limited. Please advise whether I can claim CLSS under MIG 2 category and when should i apply – alongwith loan or post loan is sanctioned/disbursed

I have purchased a flat along with my mother as co-owner for which I am applying a home loan. I am the primary applicant as my mom is a house wife. I do not own any property or neither do my mom. I am unmarried and only my father owns a home in our family. In our case are we elgible to apply for the scheme as my income falls under PMAY-MIG2 category?

Dear Rohit, One of the eligibility conditions is – “Beneficiary should not own a pucca house either in their name or in the name of any member of their family in any part of India to receive central assistance under the Mission.” So, mostly you may not be eligible to apply for home loan under this scheme.

I am male head of the households of the family. My income is between 3 lacs and 6 lacs (LIG). I belong to Scheduled Caste Community. The property is recorded in my name. Am I eligible for PMAY (LIG Scheme) ?

If i sold my home before 7 years ago and right now i dont have any property so if i purchase new home by home loan and my home will be 600 sqr foot and my annual income 300000 so i eligible for clss? Can i get subsidy? Reply me soon

Dear Sir, I am under LIG group with an annual income between Rs. 3 Lakh to Rs. 6 Lakh. i have loan sanction in Nov.2016 from hdfc bank of Rs.12 Lakhs ……can i get this benefits…. People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS. ____- Is this only for MIG group or all groups…..please reply

Under PMAY CLSS MIGI and II schemes, i have tried with ICICI,LICHFL,SBI regarding this scheme, all the banks replied that they did not get any notification regarding this scheme. Does anyone here has availed the scheme if yes please mention your Lending Bank name so that others will get helped.

I fall under Middle Income Group and I am planning to buy my first home. So under PMAY Scheme how much subsidy I’ll get for Home loan of about 25-30 Lacs. Is there any ceiling on home loan to get subsidy on interest ?

Dear Sandeep, The maximum home loan which can be taken under PMAY is Rs 12 Lakh. If the home loan amount taken in 2017 is up to Rs.12 lakhs then the beneficiary will get home loan interest subvention of 3% per annum. This means if the prevailing interest rate is 10% then the home loan will be provided at 7% interest rate. To know about ‘subsidy’ details, visit this link and use the available calculator. Under Section 80C, you can claim principal portion of EMIs up to Rs 1.5 Lakh. For interest payments, you can claim up to Rs 2 Lakh u/s 24 (for self-occupied property).

Dear Dixit, 1 – It would be mandatory for houses built in urban areas under the Pradhan Mantri Awas Yojana to be registered in the name of a woman alone or jointly with a man.. I have learnt a new information today. Thanks! 2 – I believe it is your gross income (wife’s income + your income)

I m working in defence. I want to purchase a flat around 20-25 lakhs near Delhi and Dehradun and my income is 3-6 lakh per year but I have already purchased a plot. My question is – I can purchase flat under pmay scheme

Dear Gopinath, Your household income is more than Rs 6 Lakh, so you may not be able to get home loan under PMAY scheme. However, suggest you to kindly visit any bank which offers home loan under this scheme to check your eligibility.

Dear Gopinath, Yes, the MIG have also been added, but I believe that the income limit is still Rs 6 Lakh only.

“PM Narendra Modi announces new Housing Schemes with rebates/discounts on Home Loan interest rates under Pradhan Mantri Awas Yojana (PMAY). Two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Home loans of up to 9 lakhs, will get a 4% interest benefit. For home loans of up to 12 lakhs, an interest rate waiver of 3% will be provided. In villages, those wanting to build or expand their homes will get loans of up to 2 lakh, with a 3% interest relief.”.

We don’t have any land or house in any city of India. We want to purchase house in our nearest city. who can approve the area of plot ? on which we will get subsidy. We want it should be approved before our purchasing to confident us to get the subsidy.

Dear Sree, I already had availed a HB loan in jan 2012 for a flat from private builder but till date flat is under construction and likely to be handed over in next one and half year or so. i wanna know weather i can get benefit of PMAY for this loan or not and if yes how can i process it through. as per info provided by you i m eligible for this yojna the only thing i already had taken laon. please guide. another, in my flat agreement flat builder had to pay delay charges @ 5/sq feet but whenever i had been late to pay installment i have been charged by hefty amount for the little delay of few days or week. also as i had taken construction link loan means i pay as per construction and due to that i am not able to get the tax benefit of HB loan. what can i do get the justified delay charges and tax benefit at present stage.

I wanted to know more about PMAY, before this I don’t know about PMAY, what I eligible for PMAY loan and I don’t know how to register in PMAY. My annual income is just above 1 lakhs of rupees and nothing in my name (Property or house) and also tell me about Kid’s Education goal planning. Retirement planning & calculator.

Can you advise whether any amount generated from agricultural income is tax exempted or not? There are lot osf confusions on this. So me people say up to max 20 lakh per acre per year can be shown as agri income.

Hi Sreekant, I have 3 long term goals > 10/15 years one is for Retirement , 2nd is childs education , Childs Marriage, current age 36, can you suggest if I need to invest in 3 different Midcap/small cap funds ? how should I diversify as all goals are long term goals and can take more risk, as above will be portfolio overlap..

Dear Srikanth, I’m a regular reader of your blog. I’ve one question, I’ve inherited 10 Lakhs from my parent. I want to invest it in MF for long term, 15 years with objective of wealth creation. What is the best way to invest it to maximize return? Should I keep it in bank FD and invest the interest via SIP? Or should I invest it in liquid fund, and do STP to equity MF?